Maersk 2016 loss expected to narrow on Q4 Hanjin effect
Maersk Line container volumes in the fourth quarter of 2016 will show that the carrier has been a key beneficiary of the Hanjin Shipping collapse, joining Orient Overseas Container Line that also enjoyed a volume bounce in the last three months of the year, said Lars Jensen, CEO and partner at SeaIntelligence Consulting.
According to MANA, Maersk Line recorded a USD116 million loss in the third quarter that took its nine-month losses to USD230 million. The 2016 year got off to a dismal start with first quarter profit collapsing 95% year on year, followed by a second quarter loss of USD151 million.
But it appears Hanjin's loss was Maersk's gain. When Hanjin collapsed on 31 August, shocked shippers fled to “safe haven” carriers that were more financially secure, such as OOCL and Maersk Line. Jensen said this was reflected in OOCL’s fourth quarter container volumes and Maersk would enjoy the same effect.
OOCL’s operational update showed that trans-Pacific volume during the fourth quarter increased by 30.6% to 439,620 teu, and Asia-Europe volumes grew 28% to 264,410 teu.
Alphaliner analyst Tan Hua Joo was also optimistic about the effect of an improved fourth quarter on the Danish carrier. “I expect Maersk to post a significantly reduced loss in the fourth quarter due to volume gains and higher spot rates,” he said.